Wednesday, February 6, 2008

Crisis!!!What Crisis?????Pass the bucket of sand.

Darling Says Britain's Housing Market More Resilient Than U.S.

``Housing market conditions today are very different to those we saw in the early 1990s,'' Darling said. ``Interest rates remain at comparatively low levels, as do mortgage rates. And unemployment is currently at 30-year lows.'' - No mention of Inflation?????....interesting, very interesting.

Posted by bystander @ 11:35 PM (830 views)
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11 thoughts on “Crisis!!!What Crisis?????Pass the bucket of sand.

  • It’s difficult to get a man to believe something if his job depends on him believing otherwise.

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  • little professor says:

    In other words…..

    ………it’s different here

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  • Well if a politician says so, it must be true!

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  • or if you wanted to be unkind…

    He has absolutely no clue what he’s talking about.

    To use a much used government word: Its all about sustainability. The growth we’ve seen is unsustainable. People are in massively in debt, banks are not lending, people have been ripped off, there will be job losses due to the credit crunch, reposessions are rising.

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  • So ‘The U.K. property market suffers from a supply shortage, while U.S. builders are able to add new homes when demand requires, Darling said.’

    FECK FECK FECK

    Apparently there is a shortage of supply..Ya .. thats right there is.!.
    Maybe some one in government should want to build some more..
    He seams to suggest that the shortage and high prices are a good thing..
    THE BIG FLIP!!!!!

    So the government like that fact that there is the shortage..

    Who are we meant to complain to then.. the Queen maybe?

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  • @growler

    We are already seeing job losses. Rolls Royce, BP, and my company, GE Aviation have all announced job cuts this year.
    Just the tip of the iceburg me thinks…

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  • ”No mention of Inflation?????….interesting, very interesting.”

    Not surprising…..give the record of these idiots.

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  • People don’t get it. It’s not about interest rates. It’s about LEVERAGE.
    Interest rates have been so low for so long that people have borrowed insane AMOUNTS.
    Thought experiment: if interest rates go from, say, 10% to 11%, that’s a 10% increase. Most mortgage-holders can weather that kind of increase.
    Now then, if you’ve instead borrowed 5, 6 or even 7x earnings on a 3% rate, a 1% increase is a THIRTY THREE percent increase, on a much larger amount multiple of your salary.
    GCSE maths, not rocket science or obscure academic mumbo-jumbo.
    This is NOT a CREDIT crunch. It is a LEVERAGE crunch.

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  • Actually when on the tube home last night, I heard some guy going on about being laid off…not just him but all of his work collegues. I haven’t heard a conversation like that for years & years.

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  • housing carbuncle says:

    And unemployment is currently at 30-year lows – the biggest lie of all

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  • Unemployment figures may be low, but doesn’t take account of long term ill etc. What proportion of the population is employed (working for profit)? That is the true measure.

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